U.S Olympians Opted For Bitcoins As A Source Of Funding
Feb 24, 2018 Posted / 2852 Views
For the first time in quadrennial games history, the American lugers are accepting a donation in Bitcoins to fulfil their ambition of luge racing in Olympics. As per Bloomberg, the team acquired $25 worth Bitcoins in the form of donation when the star athlete of the team reserved a silver medal in a tournament. The team is looking towards gathering colossal amount in the form of virtual tokens for future finances.
To generate funds in the form of Bitcoins, the team updated its website relating the game of Luge with the characteristics of Bitcoin as follows:
“Both know all about speed, crashes, risk management, and holding on. Which is maybe why the US Luge Team and Bitcoin are made for each other, Funds historically have been scarce, but the sport of luge has always been one to reward innovation and technology.”
The idea of accepting Bitcoins as a donation was suggested by a veteran 1980 luge Olympian, Ty Danco. Now Danco is an investor and also the first one to donate virtual token to the team.
In an interview with Bloomberg, Danco stated that the team is in need of funding to fulfil gold medal dreams and virtual currency is a good way of doing so. Although various supporters sponsor players, Bitcoins is another way of financing to underfunded team.
USA Luge team started accepting Bitcoins in December at the time of Olympics in Pyeongchang. And as per sources, on 9th Feb the group had collected 0.673 Bitcoins valued $5,400 at that time. An increase in the value of Bitcoin has been accounted after 9th February.
As per the team’s website, by donating Bitcoins to USA Luge, the donor will get the benefit of not paying tax on any appreciated Bitcoin.
The team encountered a sudden boost in its Bitcoin wallet when the star player, Chris Mazdzer grabbed a silver medal on 11th February. Within few hours of the announcement of Mazdzer winning silver medal, the team received three donations worth $25. As per Danco, the funded money will be used in future, and he is treating it as a long-term investment.
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